1144

LAWS OF MARYLAND

Ch. 282

[(5)] (6) In need of the appointment of a conservator
in order to preserve the assets of the savings and loan
association for the benefit of the depositors and creditors; or

[(6)] (7) Eligible for conservatorship under the
provisions of Title 10 of this article.

9-702. Function of conservator.

(a)  In general.

A conservator shall endeavor to correct the irregularities
in the operation of a savings and loan association.

(b)  Powers, rights, and privileges.

In addition to the powers set forth in this subtitle and the
powers granted by order of the court, a conservator may exercise
any or all of the following powers:

(1)  If authorized by the court, exercise the powers,
rights, and privileges of the officers, directors, [and] members,
AND STOCKHOLDERS of the savings and loan association;

(2)  Recommend for the court's adoption a plan of
reorganization, composition, or rearrangement of business,
including its liabilities and capital structure;

(3)   [On recommendation of the Board of Commissioners
and by order of the court, may remove] REMOVE any director,
officer, or employee of the savings and loan association;

(4)  Borrow from, pledge assets to, and repay a
Federal Reserve bank or other lenders;

(5)  Make wire transfers;

(6)  To the extent authorized by law or court order,
pay withdrawals of deposits;

(7)  Pay negotiated order of withdrawal drafts and
cashiers checks either directly or repay financial institutions
on which the cashiers checks may be drawn;

(8)  Receive new deposits including direct deposit of
United States Treasury, Social Security, and other payments;

(9)  Pay a Federal Reserve bank or other bank cash to
fund withdrawals; [and]

(10)  Pay employees and necessary day-to-day operating
expenses of the institution[.];

(11)  IF AUTHORIZED BY THE COURT, APPROVE, IN PLACE OF
SHAREHOLDERS OR MEMBERS, A MERGER, CONVERSION, TRANSFER OF